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CITY OF SAN LEANDRO
<br />NOTES TO BASIC FINANCIAL STATEMENTS
<br />For The Year Ended June 30, 2019
<br />NOTE 6 — LONGTERM DEBT (Continued)
<br />Marina Cal Boating Notes Pgyable
<br />The City entered into various direct borrowing construction loan agreements with the California
<br />Department of Boating and Waterways in the total principal amount of $5,331,032. The loans bear an
<br />average interest rate of 4.50%. Principal and interest payments are payable annually on each August 1.
<br />The debt is secured by Shoreline Enterprise Fund operating revenues.
<br />At June 30, 2019, future debt service requirements for the Marina Cal Boating Notes Payable are as
<br />follows:
<br />For The Year
<br />Balance
<br />Due within
<br />Due in more
<br />Ending
<br />Principal
<br />Interest
<br />Total
<br />Governmental Activities $ 3,676,467 $ 1,069,079
<br />2020
<br />$ 258,944
<br />$ 34,065
<br />$ 293,009
<br />2021
<br />270,587
<br />22,413
<br />293,000
<br />2022
<br />93,273
<br />10,236
<br />103,509
<br />2023
<br />45,334
<br />6,039
<br />51,373
<br />2024
<br />20,770
<br />3,999
<br />24,769
<br />2025-2027
<br />68,090
<br />6,218
<br />74,308
<br />$ 756,998
<br />$ 82,970
<br />$ 839,968
<br />C. Debt Covenants and Restrictions
<br />For fiscal year 2018-19, the City complied with all general and specific covenants regarding debt
<br />proceeds usage and debt repayment. In accordance with bond official statements, the City also
<br />maintained adequate reserves for all debt issues.
<br />NOTE 7 — COMPENSATED ABSENCES
<br />The City's compensated absences consist of accrued vacation pay, sick leave, and accrued compensatory
<br />time. The total amount of the accrued liability is recorded in the Government -wide Financial Statements
<br />and charges for compensated absences expense is charged to the various program activities in the
<br />Governmental funds, primarily General fund and Internal Service funds, and all Proprietary funds.
<br />Summary of changes in compensated absences for the year ended June 30, 2019, follows:
<br />Balance
<br />Balance
<br />Due within
<br />Due in more
<br />July 1, 2018 Additions
<br />Retirements June 30, 2019
<br />one year
<br />than one year
<br />Governmental Activities $ 3,676,467 $ 1,069,079
<br />$ (560,520) $ 4,185,026
<br />$ 610,151
<br />$ 3,574,875
<br />Business -type Activities 524,561 257,498
<br />(171,494) 610,565
<br />54,951
<br />555,614
<br />Total $ 4,201,028 $ 1,326,577 $ (732,014) $ 4,795,591 $ 665,102 $ 4,130,489
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